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  • March 9, 2011 |

    House of cards - Howrey's woes expose vulnerability of US model

    It is customary when a large business calls it a day to seek out lessons from that fate. So what is there to take from the turmoil that has engulfed Howrey over the last 18 months if, as seems likely, the firm this week elects to start winding down its business? For one, it has to be said that the firm will have plenty of company. Brobeck Phleger & Harrison, Altheimer & Gray, Coudert Brothers, Testa Hurwitz & Thibeault, Thacher Proffitt & Wood, Thelen, Heller Ehrman – all have passed into the night since 2003.

    1 minute read

  • March 9, 2011 |

    City firms stall on preparation for radical regulatory shake-up

    Many of the City's leading law firms are delaying their preparations for fundamental changes to the way firms are regulated, as they wait for amended guidelines from the Solicitors Regulation Authority (SRA). Only two of the UK's 10 largest law firms by revenue have confirmed that they have started to make changes in preparation for outcomes-focused regulation (OFR), which will see the SRA's detailed rulebook replaced with an approach founded on broader principles, rather than prescriptive rules, from October this year.

    1 minute read

  • March 4, 2011 |

    Raft of leading UK firms line up on subprime lender's £3bn debt restructuring

    A raft of City law firms have taken roles on the £3bn debt restructuring of troubled financial services group Cattles. The restructuring has handed roles to six City law firms during two years of complex negotiations after a 2009 accounting scandal pushed the subprime lender to the brink of insolvency.

    1 minute read

  • March 4, 2011 |

    Ashurst to open up second Italy base in Rome with Dewey and NCTM hires

    Ashurst is set to open its second office in Italy, with the firm launching in Rome through the hire of a team of lawyers from Italian independent NCTM and US firm Dewey & LeBoeuf. The City firm is bringing in two partners from NCTM - corporate and restructuring partner Francesco De Gennaro and antitrust partner Domenico Gullo - while real estate partner Carmine Bruno joins this week from Dewey. A team of 10 associates are also joining Ashurst from Dewey and NCTM, with start dates for those joining from NCTM still to be confirmed.

    1 minute read

  • March 3, 2011 |

    Trainee retention at UK's top 30 law firms up 10% against last year

    Trainee retention rates at the UK's 30 largest law firms have risen across the majority of practices, with the average rate across the group nearly 10% higher than in March 2010. Average retention across the UK top 30 firms stands at 84% when considering the number of job offers against the number of qualifying trainees. This figure drops marginally to 83% when taking into account rejected job offers. This compares with an average retention of just 75% this time last year, when job offers were affected by the prolonged economic downturn.

    1 minute read

  • March 2, 2011 |

    GE names Europe M&A counsel as Anheuser-Busch InBev reviews firms

    General Electric (GE) has reviewed its European M&A panel, with four of the five firms appointed in 2007 retaining a place on the roster. Slaughter and May, Weil Gotshal & Manges, Allen & Overy and Ashurst have all been reappointed to the panel for another four-year term. The appointments follow a tender process which kicked off last year and was concluded in January after several months of negotiations.

    1 minute read

  • March 2, 2011 |

    Simpson Thacher coup as US bidder pulls off 11th-hour £4bn E.ON deal

    Simpson Thacher & Bartlett has taken a lead corporate role for Pennsylvania Power and Light (PPL) on its £4bn acquisition of E.ON's UK power networks following a competitive auction. The US law firm was instructed less than six weeks ago, and fielded a team led by London corporate partner Adam Signy. Other partners to act on the deal included New York capital markets head Vince Pagano and fellow corporate partner James Cross.

    1 minute read

  • March 1, 2011 |

    Norton Rose signs up to initiative to identify minority candidates for vac schemes

    Norton Rose has partnered with a not-for-profit organisation to help the firm sign up more black and ethnic minority (BME) candidates for its summer vacation scheme. The UK top 10 firm has signed an agreement to work with Sponsors for Educational Opportunity (SEO), an organisation which arranges placements with London professional services firms, including law firms and banks. The move is part of a diversity push at Norton Rose, with the firm hoping that the cooperation will help it identify BME interns for its two summer vacation schemes, which between them offer a total of 30 places.

    1 minute read

  • March 1, 2011 |

    US invaders back on the offensive

    The number of partner promotions in the City offices of US law firms is on track to exceed last year's tally, with 33 new partners made up in London in 2011 so far out of a global promotions total of 382. Legal Week's annual survey of US firms' lateral partner hiring and internal appointments found there have been only five fewer partner promotions in London so far this year than in the whole of 2010.

    1 minute read

  • February 16, 2011 |

    Deutsche and JP Morgan push firms on costs and outsourcing

    Deutsche Bank is putting pressure on its legal advisers to increase their use of legal process outsourcing (LPO) as the bank nears the final stages of the first formal review of its external law firm relationships. Deutsche has told law firms that above all else they must be "innovative" about how they provide a cost-efficient service to the bank - in particular, the bank wants to see firms using LPOs wherever possible.

    1 minute read